Connecticut House Bill HB05613

Connecticut 2021 Regular Session

• Introduced: 1/27/21
• Refer: 1/27/21

Caption

An Act Concerning Economic Assistance Programs Administered By The Department Of Economic And Community Development.

Impact

The implications of HB 05613 on state law would be significant as it aims to formalize funding preferences for small businesses within the existing economic development framework. By committing a portion of economic assistance funds to small businesses, the bill could foster a more equitable distribution of resources, encouraging small enterprises to grow, innovate, and contribute to job creation. Ultimately, this shift could help in stabilizing local economies by empowering businesses that often face challenges in accessing traditional funding sources.

Summary

House Bill 05613 is aimed at enhancing economic assistance programs managed by the Department of Economic and Community Development. The bill proposes a mandate that a specific percentage of the funds allocated to economic assistance programs should be dedicated exclusively to small businesses. This initiative seeks to ensure that small businesses, which are critical to the local economy, receive adequate support to thrive and recover from any economic downturns.

Contention

While the bill is viewed favorably by proponents who advocate for small businesses, it may face scrutiny regarding its funding mechanisms. Critics could raise concerns about how the percentage of funds allocated to small businesses would be determined and whether it might detract from funding available for larger economic development projects that also play a vital role in the state's economy. Balancing the interests of various business sizes could become a point of contention during discussions around the bill.